THIEMA: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
THIEMA
Largest movements
- Receivables within one year -€52,861
down €52,861 (-27.6%), from €191,334 to €138,473
of which Trade receivables: -€30,841
- Cash +€14,509
up €14,509 (+68.6%), from €21,154 to €35,664
mainly Receivables within one year (+€52,861) and Net result for the year (+€24,026)
- Tangible fixed assets -€8,784
down €8,784 (-13.9%), from €62,980 to €54,196
- Reserves -€34,749
down €34,749 (-17.7%), from €195,968 to €161,220
of which Distributable reserves: -€34,749
- Debts after one year -€8,664
no longer reported in 2025 (was €8,664)
- Current portion of long-term debt -€5,661
down €5,661 (-39.5%), from €14,326 to €8,664
- Gross operating margin -€22,696
down €22,696 (-27.9%), from €81,427 to €58,731
- Taxes -€3,129
down €3,129 (-18.4%), from €16,966 to €13,837
- Purchases and services -€2,831
down €2,831 (-3.0%), from €93,530 to €90,699
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €277,251 | €230,328 | -€46,923 | -16.9% |
| Fixed assets | 21/28 | €62,980 | €54,196 | -€8,784 | -13.9% |
| Tangible fixed assets | 22/27 | €62,980 | €54,196 | -€8,784 | -13.9% |
| Furniture and vehicles | 24 | €62,980 | €54,196 | -€8,784 | -13.9% |
| Current assets | 29/58 | €214,271 | €176,132 | -€38,139 | -17.8% |
| Amounts receivable within one year | 40/41 | €191,334 | €138,473 | -€52,861 | -27.6% |
| Trade receivables | 40 | €30,841 | - | -€30,841 | |
| Other amounts receivable | 41 | €160,494 | €138,473 | -€22,021 | -13.7% |
| Cash at bank and in hand | 54/58 | €21,154 | €35,664 | +€14,509 | +68.6% |
| Deferred charges and accrued income | 490/1 | €1,783 | €1,995 | +€213 | +11.9% |
| Total equity and liabilities | 10/49 | €277,251 | €230,328 | -€46,923 | -16.9% |
| Equity | 10/15 | €243,412 | €208,664 | -€34,749 | -14.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,968 | €161,220 | -€34,749 | -17.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €194,108 | €159,360 | -€34,749 | -17.9% |
| Profit (loss) carried forward | 14 | €28,844 | €28,844 | = | 0.0% |
| Amounts payable | 17/49 | €33,839 | €21,665 | -€12,174 | -36.0% |
| Amounts payable after more than one year | 17 | €8,664 | - | -€8,664 | |
| Financial debts | 170/4 | €8,664 | - | -€8,664 | |
| Amounts payable within one year | 42/48 | €25,175 | €21,665 | -€3,510 | -13.9% |
| Current portion of amounts payable after more than one year | 42 | €14,326 | €8,664 | -€5,661 | -39.5% |
| Trade debts | 44 | €2,592 | €3,284 | +€693 | +26.7% |
| Suppliers | 440/4 | €2,592 | €3,284 | +€693 | +26.7% |
| Taxes, remuneration and social security | 45 | €8,257 | €9,716 | +€1,459 | +17.7% |
| Taxes | 450/3 | €8,257 | €9,716 | +€1,459 | +17.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €93,530 | €90,699 | -€2,831 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,557 | €19,999 | +€443 | +2.3% |
| Other operating charges | 640/8 | €464 | €372 | -€92 | -19.8% |
| Gross operating margin | 9900 | €81,427 | €58,731 | -€22,696 | -27.9% |
| Operating profit (loss) | 9901 | €61,406 | €38,360 | -€23,047 | -37.5% |
| Financial income | 75/76B | €1,225 | €452 | -€773 | -63.1% |
| Recurring financial income | 75 | €1,225 | €452 | -€773 | -63.1% |
| Financial charges | 65/66B | €1,550 | €949 | -€601 | -38.8% |
| Recurring financial charges | 65 | €1,550 | €949 | -€601 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €61,081 | €37,863 | -€23,218 | -38.0% |
| Income taxes | 67/77 | €16,966 | €13,837 | -€3,129 | -18.4% |
| Profit (loss) for the period | 9904 | €44,115 | €24,026 | -€20,089 | -45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,115 | €24,026 | -€20,089 | -45.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.